How To Earn Crypto For Free Whilst Learning About Crypto (Perfect For Beginners)
Ah, the dreaded word— cryptocurrency. If you’re like me, when this comes up in discussion, its usually for one of two reasons:
(1) Some guy trying to sell you on how they’ve made millions of dollars by investing x amount into y coin, even better yet — you can do the same but all you have to do is pay them and they’ll do all the hard work for you…(insert palm onto forehead).
(2) One or a group of people expressing their distrust and hate for the idea — Cryptocurrency is a complete scam, you’re crazy for even thinking about it.
The crypto debate is polarising, with a very clear divide between those who are ‘for’ and those who are ‘against’ the technology, or what I like to call — the far and few between argument. It can therefore be deterring to invest your time into researching the technology if you will be labelled an extremist for even thinking about the idea.
But at the end of the day, with over a trillion-dollar “market cap” and an unavoidable increase in mainstream interest, is it time to set aside any preexisting biases and at a minimum, at least learn a bit more about the technology behind it? Whether you despise it or not?
That’s all this article is about — to bring cryptocurrency to your awareness such that you can make an informed decision about whether it is something you may want to consider in your investment journey, or not. It's certainly not to try and convince you that crypto is the best thing since sliced bread.
If you have spent any time in the crypto world, in fact, unless you’ve been living under a rock — you’ll know from all the sporting advertisements and mainstream media that there are hundreds of crypto exchanges out there that enable you to buy, swap and sell hundreds of different kinds of cryptocurrency coins. As a result of the constant spam of information flowing out, starting out in this space can be overwhelming — “where on Earth do I start?”, which is why we’ll be focusing our attention towards just one platform today, Coinbase.
So why Coinbase?
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency. The platform aims to create an open financial system for the world and to be the leading global brand for helping people convert digital currency into and out of their local currency.
There are numerous advantages and disadvantages to using this platform, but the point of this article is not to compare all the platform options out there and identify which offers the lowest fees for your trading needs — that is outside this article's scope. Instead, the reason why I’ve chosen to talk about Coinbase comes down to one reason — its ability to educate beginners about the world of crypto, whilst providing some pretty nifty incentives to continue learning.
Coinbase has its own Crypto Basics page dedicated to teaching its users the basics of cryptocurrency. Here, you’ll find guides and videos explaining various different types of crypto such as Bitcoin and Etherium, information about the technology that powers cryptocurrency (the Blockchain) and much more!
But the whole point to this article, and why I love what Coinbase offers to its users — comes down to their Coinbase Earn program. Coinbase Earn is a simple, educational program that, just by watching a few videos about crypto and completing a short quiz, customers are rewarded with a few tokens/coins of the specific crypto they learned about!
Now I wouldn’t be writing about this platform if I hadn’t tested it and used it myself. So over the past few months, I’ve participated in a number of Coinbase Earn tutorials covering a range of cryptocurrencies. From all of these, I’ve accumulated a whopping $18.15 (life changing money, eh?). As you can tell, you’re not going to become a millionaire overnight with this approach, but you’ll receive some valuable education, plus the bonus of receiving free rewards in the process which you are free to swap into other cryptocurrencies that you can experiment around with. The process of completing these tutorials and earning rewards is made incredibly easy through the use of Coinbase’s App. I’ve included some snapshots below of me earning $2 of GRT in less than a minute all from the comfort of my phone, so you can see for yourself the effort (or lack of) required.
Navigate to the home screen of the Coinbase App and scroll down to learn about any of the participating cryptocurrencies
Click Learn and Earn and start reading through the information required to complete the quiz
Once you’ve read through the information and learnt about the cryptocurrency, select one of the quiz answers and hit submit (don’t worry if you get it wrong, you can select another option until you get it right!)
You’ve now just earned yourself some free tokens! You are now free to swap these for any other of the hundreds of cryptocurrencies listed on the Coinbase marketplace.
Ultimately, those who are already familiar with crypto exchanges may not benefit that greatly from this post, and may instead opt to disregard it entirely. However, the fact of the matter is — if you’re a beginner with a spark of interest in learning more, then Coinbase gives you that option to investigate your interest further — without risking any of your well-earned money. With nothing to lose, why not give it a shot?
How to get started with Coinbase Earn
The steps to get started with Coinbase Earn are very simple, it just requires you to open up an account with Coinbase and complete the relevant verification processes. All the FAQs you may have can be found here: Coinbase Earn FAQs
Sign up for future bonus
If you do decide you want to try out Coinbase, then be sure to sign up using my referral link: Coinbase Referal Link Signup.
This will give us both $10 (if in the future) you decide to buy or sell $100 worth of crypto on the Coinbase platform. But if you’re happy with testing the ropes by just sticking with the Earn program, that’s completely fine — whatever aligns best with your needs.
Just a note before we conclude, subject to the specific crypto coin, you may not meet all of the eligibility criteria to participate in a specific Earn quiz, since some coins can only be paid to individuals living in specific countries etc. All the supported countries are listed on the FAQ page, and Coinbase is continuously trying to add more as we speak.
Does this sound interesting to you? Let me know if you’ll be trying this out, or if you have another platform you use that has really helped educate you about cryptocurrency!
Have a splendid day!
P.S. A side note for fellow Aussies
If you’re an Australian looking for a way to earn high interest on your AUD savings (or at least, high(er) than the measly interest rates traditional financial institutes are currently offering on their savings accounts), check out this previous article I created describing how you can achieve 5% interest without taking on high risk!
Check the article out here: Is This The Best (Risk-Free) Way To Earn High Interest On Your AUD Savings?
Investing always involves a level of risk. You aren’t guaranteed to make money, and it is possible to lose the money you start with. I am not a financial advisor, so none of what I say should be taken as financial advice. You should consider seeking independent legal, financial, taxation or other advice when considering whether an investment is appropriate for your objectives, financial situation or needs.